Liberty Mutual is a popular provider of term and whole policies which offers a solid user experience, though its policy options and rates aren’t the most competitive.
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Liberty Mutual Life Insurance Review
- Financial security
- Brand recognition
- No exam coverage
- Excellent user experience
- Additional products
- Vague policy information online
- Less competitive rates
- Low product availability
- Limited online quotes
- Accelerated death benefit
- Accidental death benefit
- Children’s term
- Guaranteed insurability
One of the biggest considerations when you choose your life insurance carrier will likely be cost.
With so many factors shaping your rates, from age and health to the amount and type of coverage you choose, life insurance rates can vary significantly.
Some life insurance companies offer far better rates than others, so it’s important to compare multiple quotes.
Liberty Mutual’s rates are higher than the industry average for most applicants.
Young and healthy applicants may be able to secure close to average rates on term life insurance.
However, applicants in their 40s and older, and those with adverse conditions can expect to pay steeper premiums.
While Liberty Mutual’s rates aren’t the worst in the industry, you can probably find cheaper coverage elsewhere.
Liberty Mutual presents the most value to applicants seeking coverage from a recognizable brand with several lines of insurance.
It’s essential to pick an insurance company with the financial stability to honor your policy.
If an insurance company goes bankrupt, it won’t be able to pay out your claims.
One of the critical indicators of a company’s viability is its credit rating.
Liberty Mutual has secured the ratings below from three of the major credit rating agencies:
|Standard & Poor’s||A|
These ratings paint a promising picture for the future, and so does the company’s financial performance.
In 2020, Liberty Mutual reported $43.8 billion in annual consolidated revenue.
In addition to weighing the cost of coverage and financial strength of a provider, you should also look into how it interacts with clients.
Whether you’re researching the company for the first time or managing a policy you’ve held for 20 years, your provider should make things simple.
To gauge the quality of Liberty Mutual’s customer service, we’ve explored factors such as reviews, the ease of applying for coverage, and their online experience.
There are tons of reviews of companies like Liberty Mutual, but two of the most critical for assessing user experience come from J.D. Power and the Better Business Bureau.
Each year, J.D. Power highlights the nation’s top life insurance companies based on factors like pricing, customer satisfaction, and product availability.
Liberty Mutual was not included in the 2020 survey, though its parent company Protective was.
The Better Business Bureau provides even more insight into a company’s user experience, featuring consumer reviews and an overall rating based on how a company communicates with its clients.
Liberty Mutual earned an “A+” rating from the Better Business Bureau, where it has been accredited since 1931.
This rating suggests Liberty Mutual offers policyholders a solid customer experience.
Users will have an easy time navigating Liberty Mutual’s website, where they can learn more about the company’s history, leadership, and financial performance.
When it comes to researching policies, life insurance shoppers may have a harder time.
Because Liberty Mutual’s primary focus is not life insurance, it provides only vague details about its life policies.
The site does have a life insurance calculator and offers online quotes for term life insurance, though you’ll have to contact an agent to get a whole life quote.
To apply for a life insurance policy from Liberty Mutual, you are required to reach out to an agent.
The website can connect you with agents in your area, or you can contact the company by phone to find one.
If you apply for one of Liberty Mutual’s simplified policies, you may forego the medical exam.
For a traditional term or whole life policy, you will likely have to schedule a medical exam after applying, and answer questions about your health.
Liberty Mutual has a slightly longer than average turnaround time on applications.
If you’re looking for a life insurance policy from Liberty Mutual, you will have two primary options:
While Liberty Mutual no longer sells universal life insurance policies, the insurance provider does offer annuities which give consumers access to cash during retirement.
Here’s a closer look at what Liberty Mutual’s term and whole policies have to offer.
Term life insurance is perfect for consumers seeking financial protection for a set period of time.
The death benefit is paid if the insured dies during the term specified in the policy.
In addition to being the most affordable type of life insurance, it is also one of the most flexible.
Liberty Mutual offers a wide range of term lengths— you can choose between 10, 15, 20, and 30-year terms.
You can also convert your current term policy to a permanent one later, or tack on a range of riders and add-ons to customize your plan.
In addition, all Liberty Mutual term life insurance policies guarantee level premiums for the duration of the policy.
If you’re interested in a life insurance policy without term limits, a whole life insurance policy is another standard insurance product.
Whole life insurance also allows policyholders to access a cash value account, along with the death benefit.
At Liberty Mutual Life Insurance Company, whole life insurance policies also offer a wide range of customizations.
You can add riders and other features to increase the benefits associated with your policy.
Policyholders can opt for a minimum guaranteed interest rate within their policy as well.
Liberty Mutual has over 100 years of experience in the U.S. insurance market.
The firm first opened its doors in 1912 to meet the demand for workers’ compensation insurance in Massachusetts.
While the company quickly began to expand its insurance policy options, it wasn’t until the 1960s that it started offering life insurance to policyholders.
At present, Liberty Mutual remains headquartered in Boston, Massachusetts.
The Fortune 100 company employs over 45,000 employees throughout the United States and abroad.
As a mutual company, Liberty Mutual is not a publicly-traded company and does not have a traditional shareholder structure.
Instead, the company’s policyholders are the shareholders of the company.
Today, Liberty Mutual sells a long lineup of insurance products, including:
- Critical illness
- Small business
- And more
As one of the most prominent insurance providers in the United States, Liberty Mutual has received several awards and accolades in recent years.
Some of Liberty Mutual Group’s most notable awards include:
- PEOPLE Magazine Companies That Care 2019: Liberty Mutual ranked as #37 in the country for 2019 thanks to its concern for local communities and employees.
- Military Friendly Employer: As members of the United States Military transition into civilian life, many find it hard to integrate into large corporations. Liberty Mutual offers professional opportunities to these veterans.
- The Best Employers for Women 2020 from Forbes: Liberty Mutual has received recognition from Forbes Magazine for its commitment to empowering women in the workplace.
Liberty Mutual is proud to partner with charities and organizations across the country to better lives on a massive scale.
Last year, the company’s corporate and employee donations totaled over $64 million.
Employees also logged more than 39,000 volunteer hours.
The company partners with some of the following organizations:
- Boston Healthcare for the Homeless Program
- Boyer Children’s Clinic
- CommonWealth Kitchen
- Deaf Inc
- St. Francis House
Liberty Mutual is one of the most recognizable brands in the insurance industry.
With its memorable jingle and its catchy commercials, Liberty Mutual has solidified itself as a household name.
The company also markets successfully through social media, with over a million followers on Facebook alone.
You can also follow along with the company on Instagram, Twitter, and Youtube.
To thoroughly evaluate Liberty Mutual, we’ve also rated the company based on industry consensus.
While many industry experts agree that Liberty Mutual is a solid insurer, it doesn’t often rank among the best of the best life insurance companies.
This is likely because of the company’s limited policy options and non-competitive pricing.
Regardless, Liberty Mutual is a company you can depend on, with strong financial ratings to back it.
If you’re looking for simple straightforward life insurance from a well-known provider, Liberty Mutual could be the right choice for you, especially if you already have other policies in place with them.
On the other hand, if your goal is to secure the lowest rates or undergo the simplest underwriting process, you may want to look elsewhere.
Liberty Mutual Life Insurance Review
- (800) 438-9089
- 175 Berkeley Street
Boston, MA 02116
Company Name (and subsidiaries)
- Liberty Mutual Personal Insurance Company
- AmTrust Surety
- Wausau Insurance